Images via entradaapts.com.
Written by The Business Journal Staff
A local real estate investment firm has announced the sale of a Southern California apartment building.
IDEAL Capital group, a Clovis real estate company focused on multifamily housing in California, announced it sold Entrada Apartments in San Diego for $60.2 million.
The sale was done in a joint venture with Pacific Urban Investors.
IDEAL and Pacific Urban Investors purchased Entrada Apartments in 2019. The team realized a 56% return on investment.
Entrada apartments were built in 2004 with 172 units.
Berkadia’s Rachel Parsons represented both the buyer, a private partnership, and IDEAL.
“Entrada was formerly a student housing-focused asset,” says Kevin Conway, managing director of IDEAL Capital Group. “We knew Entrada would be better suited after a strategic rehabilitation. Downtown San Diego is home to more than 80,000 jobs, 4,000 businesses, and over $3 billion of planned office and commercial development. We repositioned Entrada to cater to the booming young professional demographic in the area, and were fortunate to see great returns in doing so.”